Svenska Spel hit by losses in first quarter

Swedish national state-owned lottery Svenska Spel has cited the impact of increased competition in the market as well as the introduction of responsible gambling measures as the main reasons behind a year-on-year drop in revenue during the three months to March 31.

Net gaming revenue in the first quarter amounted to SEK2.2 billion (€233.1 million/$253.4 million), down 4.7% on the amount posted in the same period last year.

Consolidated operating profit fell 4.2% from SEK1.2 billion in the first quarter of 2014 to SEK1.19 billion this year.

Elsewhere, quarterly profit tumbled 4.4% from SEK1.3 billion to SEK1.2 billion, although operating margin was up slightly to 22.7%.

Lennart Käll, chief executive officer of Svenska Spel, said: “Competition is tougher than ever. This, combined with the responsible gaming measures we introduced last year, means we did not manage to keep the growth rate required to maintain our market share.

“Our most important task ahead is that in the context of a clear responsibility to continue to strengthen the customer offering and customer experience so that it becomes even easier and more fun to play with us.”

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